At the end of Labor Day week, it’s time to retire — that’s what National 401(k) Day is all about.
The Plan Sponsor Council of America created National 401 Day as a way to bring awareness to the employer-sponsored retirement account. The day is celebrated on the Friday after Labor Day in the U.S., because Americans start the week focused on labor and can end it with retirement, according to the council’s website. In recent years, the honorary day has transformed to focus on retirement plan education as well as financial wellness.
The council is celebrating this year’s National 401 Day with a theme called “Invest In You,” dedicated to “personal growth, understanding, and prioritization of financial health,” and has released tools and resources around retirement planning for companies to use with their employees.Not everyone has access to a 401 plan or a similar employer-sponsored retirement account.
These retirement accounts have, since the 1980s, slowly eclipsed the private pensions companies once offered their employees. Even the 401 plan creator, Ted Benna, said he had created “a monster” since they can be complex and come with hidden fees or the possibilities of bad investment management. Americans used to rely heavily on pensions to fund their retirements, but the onus is now on them to save enough and plan accordingly.
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